When purchasing a new car at Nissan of Clinton, you have the option to pay up front with cash, finance the car, or lease it. Because it is quite uncommon to pay off the whole car at once with cash, we’ll instead just explore financing versus leasing.
Both financing and leasing have pros and cons, but determining which is right for you is dependent upon your unique situation. If you are leaning toward financing but aren’t quite sure, ask yourself these questions.
Do you drive a lot?
If you rack up lots of miles in a year, you should probably consider buying. Leasing has mileage caps that work for many drivers, but if you put 15,000 miles or more on your car annually, financing is likely your better option.
Do you like to keep your car for a long time?
Some drivers like the newness of a car every few years, which makes leasing more attractive. But if you grow attached to your car and want to hold on to it for a long time, it is a better investment to buy it.
What kind of monthly payment do you want?
When you lease a car, you typically spend less at signing and have a smaller monthly payment. However, at the end of the lease term, you do not own the car. If you can handle a larger monthly payment for a few years and then several years of no payments and want the rewards that come with owning, caring for, and eventually selling your car for a good amount of money, then buying is probably right for you.
Do you want to make changes to your car?
When you lease a car, you can’t make aftermarket changes to your car. When financing, you have that option—just make sure whatever changes you make are not in violation of your warranty.